International Lithium Corp. has signed an agreement giving it the right to acquire Lepidico (Mauritius) Ltd. from Lepidico (Canada) Inc. for CAD$975,000 (about N$13.2 million), plus contingent future payments.
Lepidico Mauritius owns 80 per cent of Lepidico Chemicals Namibia, which operates the Karibib Lithium, Rubidium, and Caesium Project in Namibia.
If exercised, the option would give ILC control of one of Africa’s most extensive known rubidium resources, in addition to the potential for lithium and caesium at Karibib.
The project complements ILC’s Raleigh Lake project in Ontario, which hosts one of the most extensive rubidium resources in North America.
The agreement includes a secured loan of CAD$510,000 (about N$6.9 million) from ILC to Lepidico Canada. CAD$285,000 (about N$3.9 million) has already been advanced, with the balance subject to conditions including regulatory approvals and debt clearance at Lepidico Mauritius and its subsidiaries.
The option is valid until November 30, 2025, or 30 days after the outcome of an arbitration between Lepidico Namibia and Jiangxi Jinhui Lithium in Singapore.
That arbitration is expected to conclude in September or October 2025.
Lepidico Limited (ASX: LPD), the Australia-listed parent of Lepidico Canada, entered voluntary administration in early December 2024 after failing to secure financing for its integrated lithium project and concentrator. Administrators Richard Tucker and Paul Pracilio from KordaMentha were appointed on December 3, 2024, and Lepidico’s shares were suspended from trading on the ASX as of December 2, 2024.
Administrators are continuing the company’s sale and recapitalisation efforts, working with management and staff to assess operations and preserve value.
Lepidico acquired Karibib in 2019 through its purchase of Desert Lion Energy for AUD$22.9 million (about CAD$20.7 million or N$280 million) and has since invested AUD$12.1 million (about CAD$10.9 million or N$148 million) in drilling, environmental studies, a Definitive Feasibility Study and a resource update.
The project includes the Rubicon and Helikon mining licences and EPL5439.
A Definitive Feasibility Study was published in 2020, followed by a Mineral Resource update in 2022.
ILC is currently treating Lepidico’s resource figures as historical under Canadian reporting rules.
The company has stated it would complete further technical work and an NI 43-101 compliant update should the option be exercised.
If completed, the acquisition would add Karibib’s lithium, rubidium and caesium resources to ILC’s portfolio, strengthening its position in both North America and Southern Africa.
International Lithium Corp. is a Canadian-based exploration and development company with projects focused on lithium, rubidium, caesium and copper.
Its flagship project is Raleigh Lake in Ontario, which contains significant lithium and rubidium resources.
The company also holds exploration assets in Canada and Ireland, as well as royalty and milestone interests in projects where it has previously sold stakes.
ILC’s strategy is to position itself as a supplier of critical metals needed for electric vehicles, energy storage and advanced technologies, while expanding into Southern Africa with Namibia and Zimbabwe identified as key target markets.
